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Jan 7, 2013 7:00pm EST
was put in place because of the last debt ceiling increase. we can't count that twice. >> sounds great. senator pat toomey, thank you very much for walking through that. we appreciate it. >>> now, joining us to get some reaction to senator toomey's views, we bring in chris lehain and tony fratto, former bush deputy press secretary. chris, let me just start with you. because this sounds like a technical point, but it's not. the debt ceiling increase we're talking about came supposedly as a result of the $1.2 trillion spending cut sequester that never happened. now, that to me is bizarre and democrats want to replace it with more tax hikes. >> well, you have had this ground hog day aspect to this, right? where you continue to kick the can down the field. the reality is that we currently have a political market forces that are inconsistent with doing the right thing by our economy. i mean, you just heard the senator, i would suggest if he feels that way, he may want to begin by having a conversation with his own leader, senator mcconnell who spent the weekend talking about the fact that h
Jan 8, 2013 4:00am EST
, the debt ceiling can probably, on that basis if nothing is congress, congress will agree to raise debt ceiling on the sequestration. but that is a messy solution. what we need is an agreement between congress and the president over the long-term, both on what spending measures have to be taken for 2013 and longer term. and that is the debate that is still under way. i think there will be some sort ooh a deal. we were halfway down from the previous agreement reached on september 11th. it's a process that's going to be tortuous, but it will probably be resolved. >> tortuous and messy i think will the right words. >> why don't we turn our ears now until like this 24th hour and then just tune -- i mean, forget anything to that point is going to be noise, right? >> well, unless the noise tells you it's going to happen which is it's going to be -- >> well, that's my point. we all know it's going to be messy, complicated, tortuous. >> clearly, it will be fiscal issues in the u.s. economy. unless there's growth in the private sector to more than compensate for that, u.s. growth is not going to
Jan 8, 2013 6:00am EST
about. about whether the treasuries get over the debt ceiling, can actually mint a platinum coin worth $1 trillion and call it a day. but i feel like it's getting transaction in weird places. >> well, among politicians, so there's your point. look, here is a couple problems i have with it. one is that the fed is not allowed to buy platinum. so how does the money get created? the government can print whatever it wants on any coin it wants. it's a clever idea. gold coins work and the amount of gold is more than ta face value so you never sell it at face value. so you would have to have a coin that would be worth more than $1 trillion after you melt et down and -- >> but would that convince anybody that we have any situation on what's going on and we've managed it? >> absolutely not. and the person who came up with this idea would be the first to say that. >> who came up with it? >> i don't know. i forget the exact name. but -- >> the 14th amendment -- >> the white house is -- >> the 14th amendment is that the president can do whatever it takes in order to maintain the u.s. debt. so basic
Jan 7, 2013 4:00pm PST
the government again if they don't get their way in the upcoming debt ceiling fight. did he forget who won the election? this is "hardball," the place for politics. well, just one. new single serve cafe collections from maxwell house now available for use in the keurig k-cup brewer. always good to the last drop. aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ >>> i just saw a great movie, "silver linings playbook" with bradley cooper, robert de niro, and jennifer lawrence. i select "silver linings" as one of the five great philadelphia movies of all time. i know, there's "rocky" the first one although "rocky iii" was pretty darn good. there's "the philadelphia story" starring katharine hepburn and carey grant and jimmy stewart. then two other favorites, "witness" with young harrison ford as the police detective guarding the young boy in amish country. then one of the truly great most haunting mo
Jan 8, 2013 8:00am PST
going to be in place here, the boehner rule being every dollar raising the debt ceiling will require one dollar of spending cuts over the next ten years. do you think john boehner can deliver on that to his party? >> i think he absolutely can deliver. he delivered on it last time. i think he'll be able to do it again. this is actually a fight with republicans not only anxious for but needs to happen. the president has presided over four $1 trillion deficits in a row. never presented a budget that any member of his own party was willing to vote for. the democratic senate hasn't produced a budget at all in three years. come on, it's time -- revenue portion of this has been settled in the fiscal cliff deal. i cooperated with the administration on that, a lot of my colleagues did as well. i think we've shown a great deal of good faith. it's time for the president to come across and get serious about the spending cuts and reform he said is necessary. >> does that mean if the boehner rule goes into in effect that this deal would mean some type of review monthly? every month at raising the debt
Jan 7, 2013 10:00pm PST
to convince you the debt ceiling is deadly serious stuff, that it is no joke. a threat to the entire economy we hold dear. the irony of it is that it could potentially be solved through one of the most silly mechanisms ever put together in american politics. the story begins with a group of frustrated coin collectors. now '95 is the year that represented the republican from delaware, takes over the house finances service subcommittee, on the development of policy. kind of a boring sounded committee, right? i mean, monetary policy, domestic and international. one of the odd things it has control over is coinage, so this turns out to be the subcommittee where they go to complain, one thing they complained about, they wanted to be able to collect more platinum coins. but the law as it was written at the time, the treasury was only putting out platinum coins worth hundreds. that is pretty steep. they don't have hundreds to complete their coin collection. so mike castle, not himself a coin collector or a person who particularly cares about coin collecting but a friend of big coin decided to help
Jan 7, 2013 11:00pm PST
it seems to me good economic policy making would get away from these debt ceiling fights and by extension get away from the boehner rule it's not like the boehner rule leads you to if you naught in place then we have a well functioning economy. >> rose: austan, do you have a sense whereof the president would be willing to make entitlement spending cuts? >> i don't have that specific other than to observe the social security side is a lot more understandable and a lot easier to look at that is the health care spending side because we fundamentally understand the social security side. it's all about the aging of the population. on the health care side you have to limit the growth rate and economists--on-partisan on both sides they don't have that great of a sense of how you do that. if it were me i would guess that most discussion would start on social security unless we move into a space which is just kind of choosing dollar amounts and saying we'll only allow health care spending to grow at blank rate. >> rose: what percentage of the problem is health care spending, austan? >> it depends
FOX News
Jan 8, 2013 6:00am PST
it is time to raise the debt ceiling again and we have yet to cut one dime from the last agreement. spending is the problem we have to address that problem. bill: now democrats have shown their hand a little bit where they are on this issue for the next round, the next debate. where are republicans when it comes to spending? >> well, we have laid out several plans. we have done a budget in the house that actually gets to balance. the senate hasn't even done a budget in three years. one of the things i think we should require, okay, senate, before we increase the borrowing authority of this country why don't you actually put together a plan? think about this. i have said this before. think 18-year-old maxes out credit card. first thing you do cut up the credit card and put them on a budget. what this president said no, give me a new credit card. we don't want to do a budget. harry reid has it done one in three years. do a budget and we'll give you a menu of spending reductions you can put in place. you choose, mr. president. some are ones that you suggested. some came from simpson-bowles comm
Jan 8, 2013 11:00am PST
. >>> republicans think the debt ceiling law is there to police government spending. i'll tell you why they're wrong and big surprise here, rush limbaugh talking out of his elbow again. i'm ali velshi. this is your money. up first, aig. >> we repaid every dollar america lent us. >> everything, plus a profit of more than $22 billion. >> for the american people. >> thank you, america. >> helping people recover and rebuild, that's what we do. now, let's bring -- >> aig, the massive insurance company that was at the center of the 2008 financial crisis was taking those ads to thank america for having its back and reminding us in not so subtle terms that taxpayers earned better than a $22 billion profit on the $182 billion bailout that aig got from taxpayers. now, i don't know what you do when you're grateful for something, but i'll tell you what aig is considering doing. biting the hand that fed them. aig's board is considering joining a lawsuit brought by shareholders in 2011 against the u.s. treasury department and the federal reserve that claims the $182 billion bailout was unfair to shareholders. whe
Search Results 0 to 11 of about 12 (some duplicates have been removed)